Reinsurance News
BirdsEyeView closes seed funding round
17th June 2022
Insurtech startup BirdsEyeView has closed a seed funding round led by SFC Capital, with the funds matched by the European Space Agency (ESA). In a release, the firm said that the funding will be used to grow the team, further develop BirdsEyeView’s tech and match ESA funding. James Rendell, CEO and co-founder ... Read the full article
ARC Group and African Bank provide drought insurance payout to Zambian Government
17th June 2022
A symbolic $5.3m cheque has been presented to the Zambian Government as payout for the drought insurance taken under the Africa Disaster Risk Financing Programme Multi-Donor Trust Fund. The fund is supported by the Governments of the United Kingdom, through the Foreign, Commonwealth and Development Office, and Switzerland, through the Swiss ... Read the full article
US life/annuity net income increases by more than 50%: AM Best
16th June 2022
According to a new AM Best report, US life/annuity industry net income increased more than 50%, compared to the same period from last year. The report also showed that the US life/annuity industry’s total income rose 3.9%, from the prior year period, with a 2.7% increase in premiums and annuity considerations, ... Read the full article
More than 70% of Gulf Coast homes have roofs susceptible to hurricane damage – Arturo
16th June 2022
Proptech firm Arturo says that 71.9% of homes on the Gulf Cost are susceptible to damage from hurricanes. The finding, which would be of upmost importance to insurers because of the potential for increased industry loss from a hurricane event, is contained in the firm’s Hurricane Exposure: The State of Gulf ... Read the full article
USAA names Chris Flint as senior vice president and general manager for life and health lines
16th June 2022
USAA Life has named Chris Flint as its new senior vice president and general manager for life and health insurance. In this role, Flint will oversee the life and health insurance product portfolios, with responsibility to grow both product lines to serve more of USAA's members and bring additional value to ... Read the full article
Current market conditions ripe for insurers and reinsurers to move closer – Swiss Re
16th June 2022
A tightening of market liquidity from central banks may present opportunities for insurers and reinsurers to move closer together, says a new article from Swiss Re. The piece, written by Gianfranco Lot, head of globals reinsurance, says that a reduction in liquidity may allow insurers and reinsurers to deepen ties by ... Read the full article
May’s Canada storms caused $875m in insured damage – CatIQ
16th June 2022
The storms that hit southern Ontario and parts of Quebec on Saturday, May 21, caused over $875m in insured damage, according to initial estimates from CatIQ. According to the firm, the damage in Ontario is estimated to be over $720m, while the storm caused an estimated $155m of damage in Quebec. ... Read the full article
Postlewhite to stand down as QBE Re Managing Director
16th June 2022
QBE has announced that Steve Postlewhite, Managing Director of QBE Re, has decided to leave the business following a four-year tenure. Peter Wilkins is to assume the role of interim Managing Director and will oversee QBE Re’s new global alignment strategy and development plans, which were disclosed back in May. The ... Read the full article
Corvus appoints Paul Gaspar as Chief Data Officer
16th June 2022
Corvus Insurance, the specialty MGA, has announced the appointment of Paul Gaspar as Chief Data Officer, effective immediately. In this role, Gaspar will lead Corvus’s data infrastructure evolution and innovation. He is charged with scaling Corvus’s core data streams and identifying new sources of information to build upon the company’s ... Read the full article
Allstate reports cat losses in May of $436m
16th June 2022
Allstate has said it saw estimated catastrophe losses throughout May of $436m, or $344m after tax. According to the insurer, its May catastrophe losses included 14 events, primarily wind and hail in Texas, the Midwest and Canada, estimated at $423m, plus unfavourable reserve reestimates for prior period events. Catastrophe losses for ... Read the full article
L&G position strong despite sluggish share price, say analysts
16th June 2022
Current financial and capital market conditions put L&G in a strong position, according to a new report by RBC Capital Markets. L&G has benefited greatly from rate rises, and its Solvency II ratio is likely to improve as a result. RBC forecasts that due to market movements year-to-date, its surplus capital has ... Read the full article
SMEs vulnerable to cyber attacks – GlobalData
16th June 2022
Many SMEs will leave themselves exposed to cyber risk in 2022 due to high insurance premiums and the cost-of-living crisis, according to a new survey by GlobalData. The research found that 17.3% of SMEs did not have cyber insurance in 2021 due to it being too expensive, while 29% had ... Read the full article
Ascot names Elizabeth Johnson as COO for North America insurance
16th June 2022
Ascot has promoted Elizabeth Johnson to the role of COO, North America insurance. According to the firm, the newly formed leadership position will have oversight for the strategic direction of an integrated underwriting, data, and operational organisation which provides streamlined support functions across Ascot’s North America businesses. She will continue to ... Read the full article
Lloyd’s reappoints Bruce Carnegie-Brown as Chairman
16th June 2022
Bruce Carnegie-Brown, who joined the specialist Lloyd's insurance and reinsurance marketplace as Chairman in 2017, has been reappointed for a third term. Effective June 2022 to June 2025, the reappointment sees Carnegie-Brown extend his service to eight years. Previously, he served as the Chairman of Moneysupermarket.com Group and vice-Chairman of Banco Santander. Read the full article
Six countries at risk of climate shock to receive parametric support from new financing service
16th June 2022
Start Ready, a new humanitarian financing service, will be providing protection to people at risk in six countries against climate shock, according to a recent announcement by Start Network, a coalition of more than 50 humanitarian charities. It is now available to any of the countries that ... Read the full article